We find that the value is created for acquirer shareholders in the mergers involving intangible capital transfer from targets to bidders; such value creation is positive and significant in the transfer of off-balance-sheet intangible capital and organizational capital as opposed to that of knowledge capital. Because the combined returns for bidders and targets are increasing in intangible capital transfer (while those of targets remain unaffected), we believe that the market perceives such transfers potentially create synergy. The market reaction to intangible capital transfer is positive and significant for bidders facing high-product market competition, in non-diversifying deals, and for high-tech combinations.

我们发现，在涉及无形资本从目标公司转移到投标人的合并中，为收购方股东创造了价值；与知识资本相比，这种价值创造对于表外无形资本和组织资本的转移具有积极意义和意义。由于收购方和标的的无形资本转移的综合回报正在增加（而标的不受影响），我们认为市场认为此类转移可能会产生协同效应。对于面临高产品市场竞争的投标人、非多元化交易以及高科技组合，市场对无形资本转移的反应是积极而重要的。